DRAFT ORDINANCE NO. 39 (SERIES OF 2016)

ORDINANCE NO. 39 (SERIES OF 2016) AN ORDINANCE OF THE CITY COUNCIL OF THE CITY OF ASPEN, COLORADO, APPROVING A PLANNED DEVELOPMENT-PROJECT REVIEW AND ASSOCIATED LAND USE REVIEWS FOR THE GORSUCH HAUS, A PROPERTY LOCATED AT THE BASE OF ASPEN MOUNTAIN AND 1A LIFT, ADJACENT TO THE TERMINATION OF S. ASPEN STREET, COMPRISED OF FOUR PARCELS, CITY OF ASPEN, PITKIN COUNTY, COLORADO. Parcel IDs: 273513127001, 273513126001, 273513400028 1. WHEREAS, the Community Development Department received an application for the Gorsuch Haus lodge from Norway Island LLC, PO Box 12393, Aspen CO 81612 (applicant), where Aspen Skiing Company, PO Box 1248, Aspen CO 81612 is the owner, represented by Design Workshop for the following land use review approvals: Planned Development Project Review, pursuant to Land Use Code Chapter 26.445, to permit restaurant and retail uses within Lodge (L) zone district (Lot 1), and to permit ski lift and ski facilities within the Conservation (C) zone district and the Lodge (L) zone district (Lot 1 and Lot 2); and, Rezoning - pursuant to Land Use Code Chapter 26.310; and, Growth Management Reviews for lodge, free-market, affordable housing, and commercial development pursuant to Land Use Code Chapter 26.470; and, Conceptual Commercial Design Review - pursuant to Land Use Code Chapter 26.412; and, 8040 Greenline Review - pursuant to Land Use Code Chapter 26.435; and, Mountain View Plane - pursuant to Land Use Code Chapter 26.435; and, Major Subdivision - pursuant to Land Use Code Chapter 26.480; and, Special Review for Lodge Density Standard pursuant to Land Use Code Chapter 26.430; and, Special Review for affordable housing unit net livable standards, pursuant to Land Use Code Chapter 26.430.040(I); and, Vested Property Rights (3 years) - pursuant to Land Use Code Chapter 26.308. 2. WHEREAS, the application was submitted in 2016 and subsequently amended. The amended application proses the following development: 81 lodge unit keys. 4 free-market residential units. 1 affordable housing unit. 7,730 square feet of net leasable commercial space. 56 parking spaces; Ski operations and ski infrastructure and, 3. WHEREAS, the Community Development Department received referral comments from the Aspen Consolidated Sanitation District, City Engineering, Building Department, Environmental Health Department, Parks Department, Aspen/Pitkin County Housing Authority (APCHA), and Utilities Page 1 of 15

Department as a result of the Development Review Committee meeting held on September 26 th, 2018; and, 4. WHEREAS, pursuant to Section 26.470.040.C.7, Affordable Housing, of the Land Use Code, a recommendation from the Aspen/Pitkin County Housing Authority is required and a recommendation by the board was provided pursuant the APCHPA Board meeting held on October 3 rd, 2018; and, 5. WHEREAS, said referral agencies and the Aspen Community Development Department reviewed the initial 2016 development application and initially recommended restudy of the project so the design, mass and scale of the project better fit with the context of the immediate neighborhood; and, 6. WHEREAS, the proposed changes in the application for the Gorsuch Haus Subdivision/PD are also in response to a completed study of the Lift 1A corridor and the proposed relocation of the Lift 1A lift station to Willoughby Park; and, 7. WHEREAS, a properly noticed site visit to the property on October 15, 2018 provided additional information on the project with relationship to site planning and proposed building heights; and, 8. WHEREAS, the Planning and Zoning Commission reviewed the initial 2016 application at a duly noticed public hearing on July 5, 2016, that was continued to July 19, 2016, August 16, 2016, and September 20, 2016, during which the Planning and Zoning Commission made a recommendation of denial of the initial 2016 application via Resolution No. 7 (Series of 2016); and, 9. WHEREAS, the Aspen has reviewed and considered the initial 2016 development proposal on December 12, 2016, February 13 th, 2017, March 6 th, 2017, and March 27 th, 2017 and tabled the application for further study of a revised Lift 1 corridor alignment. At the conclusion of this study, an amended application was submitted in 2018; and, 10. WHEREAS, The Aspen reviewed and considered the amended application on November 12 th, 2018 under the applicable provisions of the 2016 Municipal Code (application deemed complete on September 6 th, 2018) as identified herein. The Aspen has also reviewed and considered the recommendation of the Community Development Director, the applicable referral agencies, and has taken and considered public comment at a public hearing; and, 11. WHEREAS, the finds that the development proposal meets or exceeds all applicable development standards subject to the conditions outlined herein; and, 12. WHEREAS, the finds that this Ordinance furthers and is necessary for the promotion of public health, safety, and welfare. NOW, THEREFORE, BE IT ORDAINED BY THE CITY COUNCIL OF THE CITY OF ASPEN AS FOLLOWS: Section 1: Approvals Pursuant to the procedures and standards set forth in Title 26 of the 2016 Aspen Municipal Code, the approves the land use reviews needed to redevelop the site as reconfigured Lots 1 and 2. Lot 1 development is comprised of a mixed-use building containing a mix of lodging with restaurant and retail uses, free-market residential, affordable housing, commercial net leasable space, a new Lift 1A ski corridor alignment, lift tower, and skier return. Lot 2 development and activities are comprised of a new Lift 1A ski corridor alignment, lift tower, skier return, traditional ski operation maintenance activities, and a World Cup viewing area. Page 2 of 15

The following land use reviews are approved: Planned Development- Project Review, Rezoning, Major Subdivision, Growth Management Quota System Reviews, Conceptual Commercial Design, Mountain View Plane, 8040 Greenline, Special Review for Lodge Density, Special Review for affordable housing unit net livable standards, and 3 years of Vested Property Rights approval for the Gorsuch Haus, subject to the conditions of approval as listed herein for a development containing 81 lodge keys, 4 freemarket residential units totaling 8,000 square feet of net livable floor area, 1-1 bedroom affordable housing unit, 6,600 sq. ft. of commercial net leasable space, and ski lift and facilities on the reconfigured Lot 1. Ski operations and associated ski uses for the relocated Lift 1 lift tower alignment, skier return, and World Cup Viewing area, are approved for the reconfigured Lot 2. Pursuant to Land Use Code Section 26.., the applicant has days/months to submit the final review application for this request. Section 2: Planned Development -Project Review The approved dimensions, site plan, architectural massing and character are represented as Exhibits A and B of this ordinance. Within 180 days of approval of this ordinance, the applicant shall submit an Approved Plan Set, containing the floor plans, site plan, lot configuration, and elevations that were approved by the City Council. The recordation documents shall be submitted in accordance with the requirements of Section 26.490 Approval Documents of the Land Use Code. a. In accordance in Section 26.490.040, Approval Documents Content and Form, the following plans are required in the Approved Plan Set: 1. Final Commercial Design Review/ Architectural Character Plan. 2. Planned Development Project and Detail Review Plans. 3. Public Amenity Plans. 4. Public Infrastructure Plan. 5. Final Transportation Impact Analysis (TIA), including a monitoring plan. 6. Subdivision Plat b. In accordance with Section 26.490.050, Development Agreements, a Development Agreement shall be entered into with the City. c. In accordance with Section 26.490.060, Financial and Site Protection Requirements, the applicant shall provide a site protection guarantee and a site enhancement guarantee. d. In accordance with Section 26.490.070, Performance Guarantees, the following guarantees are required in an amount equal to 150% of the current estimated cost of the improvement: 1. Landscape Guarantee. 2. Public Facilities and Public Infrastructure Guarantee. 3. Storm Water and Drainage Improvements Guarantee. As part of the approved Planned Development, the Applicant shall comply with the following conditions of approval: a) The overall maximum height of the approved lodge is limited to 40. Rooftop elevators overruns and rooftop mechanical equipment may exceed this height by a maximum of 10. Due to the location of the approved stairway on the western side of Lot 1, portions of the western Page 3 of 15

façade of the lodge building will exceed the 40 overall height restriction as documented in Exhibit A, West Elevation and North Elevation. As part of the Planned Development approval, the height measurement on the western facade of the lodge building shall be taken from the finished grade of the top of the retaining wall located adjacent and west of this stairway. The lodge building shall not exceed 40 in height from this approved measurement point. b) Specifically approved as part of the Planned Development review for Lot 1 is the ability for the mixed-use lodge to contain restaurant and retail uses and for the Lot to contain new lift towers and skier return. c) Specially approved as part of the Planned Development review for Lot 2 is the ability for the Lot to contain the relocated Lift 1A ski lift and alignment, development of new lift towers, regrading for skier return, regrading for the Aspen Mountain Summer Road, traditional ski operation maintenance activities, and World Cup viewing area for special event uses. The World Cup viewing area shall obtain all required special event permits prior to operation, as necessary. d) Engineering requirements may dictate that the Lift 1A replacement lift towers on Lots 1 and 2 might exceed the height limits and setback requirements for the C and L zone districts. The approves the replacement lift towers to exceed the height limit and intrude upon the setback standards in the C and L zone districts, as required by design and as documented in the attached site plan. e) The lodge units shall operate under the rules and regulations of the City of Aspen. The four free-market units shall not be combined. The four free market units are limited to 1,500 square feet of net livable floor area and are permitted to be expanded up to 2,000 square feet of net livable floor area upon landing the appropriate number of Transferrable Development Rights (TDR s). TDR s used for additional net livable floor area up to 2,000 square feet per free market unit shall be submitted and extinguished at building permit submittal. f) Specifically approved as part of the Planned Development review for Lot 1 is the ability for Public Amenity Space to partially covered by overhangs due to the close proximity of this space to the Lift 1A ski lift alignment. Public amenity space is also approved to be oriented to the eastern ski slope. Section 3: Special Review for Lodge Density: The finds that the proposal to increase lodge unit density complies with the Special Review criteria pursuant to Land Use Code Section 26.430.040. The lodge includes a generous amount of nonunit space and amenities for lodge guests and contains a range of lodge unit sizes and configurations. The approves an increase in lodge unit density by 10% which represents 1 lodge unit/550 square of gross lot area (81 lodge units/44,545 square feet of gross lot area). Section 4: Alternative Employee Generation Review: Pursuant to Land Use Code 26.470.100(1)(F), the finds that to incentivize the proposed lodge project, an alternative employee generation review is appropriate, and that through an efficiency, a reduction of 4.64 FTE s from the lodging component of the project via a credit to the FTE generation for the free market component of the project is approved. Section 5: Special Review for Affordable Housing; The finds that the proposal to place the onsite 1-bedroom affordable housing unit more than 50% subgrade meets the Special Review criteria pursuant to Land Use Code Section 26.430.040. The location of the unit will not have any adverse impacts to the neighborhood, and the Page 4 of 15

approves this portion of the request. The unit shall comply with adopted building codes regarding ingress and egress. Section 6: Rezoning The current zoning for the subject properties located with the city s municipal boundary is Conservation (C). The approves the rezoning of the reconfigured Lot 1 from C to Lodge (L). The reconfigured Lot 2 shall remain within the C zone district. The official zone district map shall be amended upon recordation of a subdivision plat and recordation of an architectural plan set. Section 7: Subdivision and Agreement Currently the subject land area consists of four parcels within the city s municipal boundary. The applicant proposes, and the approves the parcels be reconfigured into Lots 1 and 2. The also approves the vacation of the public rights-of-way, comprised of 8,206 sq. ft. as requested by the Applicant (a portion of S. Aspen Street and all of Summit Street) to be replaced with all necessary easements for any existing or future utility infrastructure. The also accepts the dedication of approximately 3,462 sq. ft. of private property for City of Aspen right of way at the terminus of South Aspen Street for cul de sac improvements. Prior to building permit submittal, a subdivision plat shall be submitted for review and approval by the Community Development Director and City Attorney. This plat shall illustrate the reconfigured Lots 1 and 2. At Final Review submission, the applicant shall submit a draft license agreement for the approved improvements within the Hill Street Right of Way. This license agreement shall be preliminarily reviewed by the Engineering Department and City Attorney. Final review and execution of this license agreement shall occur concurrently with recordation of the final subdivision plat. At Final Review Submission, the applicant shall submit draft utility easement for any existing or future utilities within the Summit Street Right of Way and South Aspen Street Right of Way. This agreement shall be preliminarily reviewed by the Engineering Department and City Attorney. Final review and execution of this easement shall occur concurrently with recordation of the final subdivision plat. Section 8: Growth Management Allotments 2.2 Growth Management Allotments. The following growth management allotments are allocated to the lodge: a. 4 free market residential dwelling unit allotments (from 2016 GMQS calendar year) b. 1-1 bedroom affordable housing unit allotment. (from 2016 GMQS calendar year) c. 7,730 sq. ft. of new commercial net leasable space. (from 2016 GMQS calendar year) d. 112 lodging pillows from the 2016 GMQS calendar year, with approval for 50 lodging pillows to be granted from the 2017 GMQS calendar year. Page 5 of 15

Section 9: Affordable Housing Mitigation Requirements. The mitigation required for the project is as follows, which may change upon further review and modification of the project: Free Market Residential 0 (4.64 FTE credit from the Lodge component) Lodge 12.83 Commercial Net Leasable 8.85 21.68 FTE S The project includes one (1) one-bedroom affordable housing unit for on-site mitigation (credit 1.75 FTE s) and the balance of mitigation is to be in the form of off-site units or certificates of affordable housing credits (AHCs). Affordable Housing Conditions. Any affordable housing units shall be deed restricted at a Category 4 income level or lower. The units are permitted to be rental units, and shall comply with the APCHA Guidelines, now and as amended. At building permit submittal, that application shall satisfy all affordable housing mitigation requirements identified above. Cash in lieu is not permitted to satisfy affordable housing mitigation requirements. Section 10: ESA Reviews The finds the application meets the 8040 Greenline review criteria and finds that the project has a minimal effect on the Wheeler view plane. Section 11: Engineering Department The Applicant s design shall be compliant with all sections of the City of Aspen Municipal Code, Title 21 and all construction and excavation standards published by the Engineering Department. At Detail Review, the Applicant shall submit detailed plans that include mudflow analysis, detailed utility plans, and address all comments provided as part of the Development Review Committee on September 26, 2018. The Applicant shall also submit revised commitments as part of the TIA Review to remedy the 22 point deficit in this analysis. Section 12: Fire Mitigation All codes adopted by the Aspen Fire Protection District shall be met. This includes but is not limited to access (International Fire Code (IFC), 2003 Edition, Section 503), approved fire sprinkler and fire alarm systems (IFC, as amended, Section 903 and 907). The proposed cul de sac at the terminus of South Aspen Street shall meet all District requirements for grade, radius, width, and dimensions. Section 13: Parks Department Tree removal permits are required prior to issuance of a building permit for any demolition or significant site work. Mitigation for removals must be met by paying cash in lieu, planting on site, or a combination of both, pursuant to Chapter 13.20 of the City Municipal Code. Additional materials shall be submitted as part of the Planned Development Detailed Review application inclusive of, but not limited to, a detailed plan for existing tree protection and sidewalk development for the property. Page 6 of 15

A tree protection plan indicating the drip lines of each individual tree or groupings of trees remaining on site shall be included in the building permit application for any demolition or significant site work. The plan shall indicate the location of protective zones for approval by the City Forester and prohibit excavation, storage of materials, storage of construction backfill, storage of equipment, and access over or through the zone by foot or vehicle. Prior to final approval, the applicant shall finalize the dedication of the proposed public access trail that provides access from Hill Street to the satisfaction of the Parks Department. Section 14: Aspen Consolidated Sanitation District Requirements Service is contingent upon compliance with the District s rules, regulations, and specifications, which are on file at the District office. Prior to certificate of occupancy for the building, the applicant shall connect to the recently upgraded sanitation sewer line in the South Aspen Street. Prior to connection, this connection shall be approved to the satisfaction of the District. Section 15: Environmental Health Department Code requirements to be aware of when filing a building permit include: a prohibition on engine idling, regulation of fireplaces, fugitive dust requirements, noise abatement and pool designs. Additional materials shall be submitted as part of the Detail Review application inclusive of but not limited to appropriate sizing of the trash/utility enclosure, delineation of clearance of the waste enclosure, clarity on co-location of trash and utilities to ensure adequate room is provided. Special Review approval from the Environmental Health Department to satisfy dimensional requirements may be required. Section 16: Water/Utilities Department The Applicant shall comply with the City of Aspen Water System Standards, with Title 25, and with the applicable standards of Title 8 (Water Conservation and Plumbing Advisory Code) of the Aspen Municipal Code, as required by the City of Aspen Water Department. All Water System Distribution standards in place at the time of building permit shall apply, and all tap fees will be assessed per applicable codes and standards. Utility placement and design shall meet adopted City of Aspen standards. Section 17: Development Agreement and Cost Sharing Section 18: Conservation Easement At the time of recordation of the plat, the property owner shall submit for review and approval by the Community Development Director and the City Attorney, a draft conservation easement for Lot 2 that burdens the property to the benefit of the City of Aspen and restricts the property against all future development and land use activities that are not explicitly authorized pursuant to this ordinance. This conservation easement shall include provisions that authorize the property owner to conduct all necessary, traditional, and routine maintenance to the approved ski infrastructure and approved ski activities outlined in this ordinance. This easement shall be reviewed and executed at the time or recordation of the final plat. Section 19: Public Amenity Spaces The Applicant has committed to providing a total of 13,786 sq. ft. of public amenity space. These spaces shall be permanently accessible by the public through stairs and/or elevators. These spaces shall Page 7 of 15

not be enclosed with temporary or permanent walls/windows or otherwise enclosed as interior conditioned space. Section 20: Vested Rights Vested rights period of three years is granted conditioned on the applicant receiving final approval of the project. Section 21: Severability If any section, subsection, sentence, clause, phrase, or portion of this ordinance is for any reason held invalid or unconstitutional in a court of competent jurisdiction, such portion shall be deemed a separate, distinct and independent provision and shall not affect the validity of the remaining portions thereof. Section 22: Existing Litigation This ordinance shall not affect any existing litigation and shall not operate as an abatement of any action or proceeding now pending under or by virtue of the ordinances repealed or amended as herein provided, and the same shall be conducted and concluded under such prior ordinances. Section 23: Representations Preserved All material representations and commitments made by the Applicant pursuant to the development proposal approvals as herein awarded, whether in public hearing or documentation presented before City Council, are hereby incorporated in such plan development approvals and the same shall be complied with as if fully set forth herein, unless amended by an authorized entity. Section 24: Public Hearing A public hearing on this ordinance shall be held on the 12 th day of November, 2018, at a meeting of the Aspen commencing at 5:00 p.m. in the Chambers, Aspen City Hall, Aspen, Colorado, a minimum of fifteen days prior to which hearing a public notice of the same shall be published in a newspaper of general circulation within the City of Aspen. Page 8 of 15

INTRODUCED, READ ON 2 ND READING AND ORDERED PUBLISHED as provided by law, by the City Council of the City of Aspen on the 12 th day of November, 2018 and the 26 th day of November, 2018. Attest: Linda Manning, City Clerk Steven Skadron, Mayor FINALLY, adopted, passed and approved this day of 26 th, 2018. Attest: Linda Manning, City Clerk Steven Skadron, Mayor Approved as to form: James R. True, City Attorney Attachments: Exhibit A Site plan and elevations Exhibit B - Dimensional standards Exhibit C Legal description Page 9 of 15

Exhibit A Site Plan and elevations Page 10 of 15

North elevation: East elevation: Page 11 of 15

South elevation: West elevation: Page 12 of 15

Exhibit B Dimensional Standards Dimensions Lodge Zoning Minimum lot size 44,545 (Lot 1) Minimum net lot area per dwelling unit NA Minimum lot width +/- 60 ft. Front yard Side yard Rear yard Maximum height Floor area Lodging floor area Commercial floor area Multi-family floor area Affordable housing floor area Maximum multi-family size cap Minimum off-street parking spaces Lodge Residential Commercial Public Amenity Space 5 ft. 5 ft. 5 ft. 40 ft. 64,023 sq. ft. 42,077 sq. ft. 7,730 sq. ft. 8,633 sq. ft. 1-1 bedroom unit. 730 sq. ft. 4 units. 1,500 sq. ft./per unit. Up to 2,000 sq. ft./per unit via use of TDR s 81 keys = 41 spaces 4 units = 4 spaces 7,730 sq. ft. = 7.7 spaces 13,783 sq. ft. Page 13 of 15

Exhibit C Legal Description The legal descriptions are as follows: PARCEL 1: LOTS 1, 2, 3, 4, 5, 6, 7, 8, 9, 10, 11, 12, 13 AND 14, BLOCK 10, EAMES ADDITION TO THE CITY OF ASPEN PARCEL 2: LOTS 1, 2, 3, 4, 5, 6 AND 7, BLOCK 12, EAMES ADDITION TO THE CITY OF ASPEN PARCEL 3: A PARCEL OF LAND BEING A PORTION OF THAT PROPERTY DESCRIBED IN THE DOCUMENT RECORDED JULY 15, 1985 AS RECEPTION NO. 156038 IN BOOK 270 AT PAGE 21 OF THE PITKIN COUNTY RECORDS AND THAT PROPERTY DESCRIBED IN THE DOCUMENT RECORDED JULY 13, 1971 AS RECEPTION NO. 146439 IN BOOK 256 AT PAGE 506; SAID PARCEL OF LAND ALSO BEING SITUATED IN GOVERNMENT LOT 1 IN SECTION 13, TOWNSHIP 10 SOUTH, RANGE 85 WEST OF THE SIXTH PRINCIPAL MERIDIAN; SAID PARCEL BEING MORE PARTICULARLY DESCRIBED AS FOLLOWS: BEGINNING AT A POINT ON THE EASTERLY BOUNDARY LINE OF BLOCK 10 EAMES ADDITION TO THE CITY OF ASPEN, WHENCE THE NORTHEAST CORNER OF LOT 7 OF SAID BLOCK 10 BEARS N.15 46'58"E. A DISTANCE OF 41.96 FEET; SAID POINT ALSO BEING THE SOUTHWEST CORNER OF CARIBOU CONDOMINIUMS, ACCORDING TO THE MAP THEREOF RECORDED APRIL 24, 1973 IN PLAT BOOK 4 AT PAGE 379; THENCE S.70 03'10"E. ALONG THE SOUTHERLY BOUNDARY LINE OF SAID CARIBOU CONDOMINIUMS A DISTANCE OF 1.01 FEET TO THE NORTHWEST CORNER OF MOUNTAIN QUEEN CONDOMINIUMS, ACCORDING TO THE MAP THEREOF RECORDED SEPTEMBER 27, 1974 IN PLAT BOOK 4 AT PAGE 489; THENCE LEAVING SAID SOUTHERLY BOUNDARY LINE OF SAID CARIBOU CONDOMINIUMS S.11 25'30"E. ALONG THE WESTERLY BOUNDARY LINE OF SAID MOUNTAIN QUEEN CONDOMINIUMS A DISTANCE OF 110.77 FEET TO A POINT ON THE SOUTH LINE OF SAID GOVERNMENT LOT 1; THENCE LEAVING SAID WESTERLY BOUNDARY LINE OF SAID MOUNTAIN QUEEN CONDOMINIUMS S.89 55'06"W. ALONG SAID SOUTH LINE OF SAID GOVERNMENT LOT 1 A DISTANCE OF 53.70 FEET TO A POINT ON THE EASTERLY BOUNDARY LINE OF BLOCK 12 EAMES ADDITION TO THE CITY OF ASPEN; THENCE LEAVING SAID SOUTH LINE OF SAID GOVERNMENT LOT 1 N.15 46'58"E. ALONG THE EASTERLY BOUNDARY LINE OF SAID BLOCK 12 EAMES ADDITION A DISTANCE OF 5.21 FEET TO THE NORTHEAST CORNER OF SAID BLOCK 12 EAMES ADDITION, SAID POINT ALSO BEING THE SOUTHEAST CORNER OF SUMMIT STREET RIGHT OF WAY; THENCE CONTINUING N.15 46'58"E. ALONG THE EASTERLY LINE OF SAID RIGHT OF WAY A DISTANCE OF 20.00 FEET TO THE SOUTHEAST CORNER OF SAID BLOCK 10 EAMES ADDITION; THENCE CONTINUING N.15 46'58"E. ALONG THE EASTERLY BOUNDARY LINE OF SAID BLOCK 10 EAMES ADDITION A DISTANCE OF 88.05 FEET TO THE POINT OF BEGINNING. SAID PARCEL OF LAND CONTAINING 2,973 SQUARE FEET OR 0.068 ACRES, MORE OR LESS. PARCEL 4: A PARCEL OF LAND BEING A PORTION OF THAT PROPERTY DESCRIBED IN THE DOCUMENT RECORDED DECEMBER 19, 1946 AS RECEPTION NO. 094502 OF THE PITKIN COUNTY RECORDS; SAID PARCEL OF LAND ALSO BEING SITUATED IN GOVERNMENT LOT 31 IN SECTION 13, TOWNSHIP 10 SOUTH, RANGE 85 WEST OF THE SIXTH PRINCIPAL MERIDIAN AS DESCRIBED BY THE DEPENDENT RESURVEY AND SURVEY PLAT OF TOWNSHIP 10 SOUTH, RANGE 85 WEST, OF THE SIXTH PRINCIPAL MERIDIAN, FILED MAY 30, 1980 IN THE UNITED STATES DEPARTMENT OF THE INTERIOR BUREAU OF LAND MANAGEMENT OFFICE IN DENVER, COLORADO ("BLM PLAT"); SAID PARCEL OF LAND IS LOCATED ENTIRELY WITHIN THE CITY LIMITS OF THE CITY OF ASPEN AND IS MORE PARTICULARLY DESCRIBED AS FOLLOWS: BEGINNING AT A POINT ON THE WESTERLY BOUNDARY LINE OF MOUNTAIN QUEEN CONDOMINIUMS, ACCORDING TO THE MAP THEREOF RECORDED SEPTEMBER 27, 1974 IN PLAT BOOK 4 AT PAGE 489, WHENCE THE NORTHWEST CORNER OF SAID MOUNTAIN QUEEN CONDOMINIUMS BEARS N.11 25'30"W. A DISTANCE OF 110.77 FEET; THENCE S.11 25'30"E. ALONG Page 14 of 15

SAID WESTERLY BOUNDARY LINE OF MOUNTAIN QUEEN CONDOMINIUMS A DISTANCE OF 197.75 FEET; THENCE CONTINUING ALONG SAID WESTERLY BOUNDARY LINE S.45 00'00"W. A DISTANCE OF 6.42 FEET TO THE SOUTHWEST CORNER OF SAID MOUNTAIN QUEEN CONDOMINIUMS; THENCE LEAVING SAID WESTERLY BOUNDARY LINE S.45 00'00"W. ALONG THE EAST LINE OF SAID GOVERNMENT LOT 31 A DISTANCE OF 281.39 FEET TO A POINT ON THE SOUTHERLY BOUNDARY LINE OF THE SOUTH ANNEXATION TO THE CITY OF ASPEN, COLO, ACCORDING TO THE MAP THEREOF RECORDED MARCH 24, 1967 IN PLAT BOOK 3 AT PAGE 132; THENCE LEAVING SAID EAST LINE OF SAID GOVERNMENT LOT 31 N.70 37'00"W. ALONG THE SOUTHERLY BOUNDARY LINE OF SAID SOUTH ANNEXATION TO THE CITY OF ASPEN A DISTANCE OF 757.26 FEET TO A POINT ON THE WEST LINE OF SAID GOVERNMENT LOT 31; THENCE N.14 40'13"E. A DISTANCE OF 35.71 FEET TO THE SOUTHERLY MOST POINT OF GOVERNMENT LOT 38, ACCORDING TO SAID "BLM PLAT"; THENCE ALONG THE COMMON LINE BETWEEN SAID GOVERNMENT LOT 31 AND SAID GOVERNMENT LOT 38 THE FOLLOWING TWO (2) COURSES: 1) N.38 38'25"E. A DISTANCE OF 72.34 FEET 2) N.45 13'35"W. A DISTANCE OF 33.86 FEET; THENCE LEAVING THE EAST LINE OF SAID GOVERNMENT LOT 38, CONTINUING ALONG THE WEST LINE OF SAID GOVERNMENT LOT 31 N.14 42'57"E. A DISTANCE OF 30.93 FEET TO A POINT ON THE NORTH LINE OF THE SE1/4NE1/4 OF SECTION 13, ALSO BEING A POINT ON THE NORTH LINE OF SAID GOVERNMENT LOT 31; THENCE LEAVING SAID WEST LINE OF SAID GOVERNMENT LOT 31 N.89 55'06"E. ALONG THE NORTH LINE OF THE SE1/4NE1/4 OF SECTION 13, ALSO BEING THE NORTH LINE OF SAID GOVERNMENT LOT 31, A DISTANCE OF 598.23 FEET TO A POINT ON THE WESTERLY BOUNDARY LINE OF BLOCK 12, EAMES ADDITION TO THE CITY OF ASPEN THENCE LEAVING SAID NORTH LINES S.14 50'49"W. ALONG THE WESTERLY BOUNDARY LINE OF SAID BLOCK 12 EAMES ADDITION A DISTANCE OF 6.17 FEET TO THE SOUTHWEST CORNER OF SAID BLOCK 12 EAMES ADDITION; THENCE LEAVING SAID WESTERLY BOUNDARY LINE OF SAID BLOCK 12 EAMES ADDITION S.75 09'11"E. ALONG THE SOUTHERLY BOUNDARY LINE OF SAID BLOCK 12 EAMES ADDITIONS A DISTANCE OF 181.46 FEET TO THE SOUTHEAST CORNER OF SAID BLOCK 12 EAMES ADDITION; THENCE N.15 46'58"E. ALONG THE EASTERLY BOUNDARY LINE OF SAID BLOCK 12 EAMES ADDITION A DISTANCE OF 54.79 FEET TO A POINT ON SAID NORTH LINE OF SAID SE1/4NE1/4 OF SECTION 13, SAID POINT ALSO BEING A POINT ON THE NORTH LINE OF SAID GOVERNMENT LOT 31; THENCE LEAVING SAID EASTERLY BOUNDARY LINE OF SAID BLOCK 12 EAMES ADDITION N.89 55'06"E. ALONG THE NORTH LINE OF THE SE1/4NE1/4 OF SECTION 13, ALSO BEING THE NORTH LINE OF SAID GOVERNMENT LOT 31, A DISTANCE OF 53.70 FEET TO THE POINT OF BEGINNING. SAID PARCEL OF LAND CONTAINING 240,375 SQUARE FEET OR 5.518 ACRES, MORE OR LESS. Page 15 of 15